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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SL GREEN REALTY CORP. RECAPITALIZES 1604 BROADWAY
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Tuesday, April 24, 2007
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New York, NY
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SL Green Realty Corp. (NYSE: SLG) today announced that it has completed a refinancing of 1604 Broadway for $27 million, returning more than 100% of SL Green’s investment in the property and triggering an incentive fee that increased SL Green’s effective ownership of the property from 45% to 63%. The mortgage has an effective interest rate of 5.66% and matures in April 2012.
SL Green, in partnership with Jeff Sutton and Onyx Equities, acquired the leasehold interest in the 41,100-square-foot Times Square retail property in November 2005. After repositioning the property and implementing a targeted leasing campaign, the venture executed a lease with Spotlight, an exciting restaurant entertainment concept from Las Vegas, during the fourth quarter of 2006. In April of 2007, Spotlight opened the doors to its flagship Manhattan venue.
Andrew Mathias, President of SL Green, said, "This is the second recapitalization in our retail portfolio, the first being the highly successful refinance of 21-25 West 34th Street after signing Apple Computer. Our ability to access quality financing with highly favorable terms is a direct result of the venture’s ability to reposition the asset and attract premier tenants via strategic marketing efforts. In just over one year of owning 1604 Broadway, we have more than quadrupled the value of the asset.” Sonnenblick Goldman acted as the exclusive financial advisor to SL Green.
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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